Vancouver Condos Still Setting Record Prices

The Vancouver condo market continues to remain in a strong Sellers Market with prices still rising in the under $900K price category. Most 1 bedroom units are selling over asking with multiple offers. The higher you move up the price ladder the more it balances out but in most cases still favours the seller. Condo inventory remains near record lows and that’s what’s keeping the prices rising slowly or holding firm in the face of slower sales. Remember sales to active listings is the only stat that matters and we are running at well over 60% on that metric (anything over 20% is considered a sellers market. The starter detached market remains balanced on the under 1.5 million starter homes with prices off about 5 to 10% from their peak in the Spring of 2016. The higher end luxury detached market remains soft and favouring buyers for sure. I’m starting to see inventory building here especially in areas like West Richmond. No panic from sellers yet but if inventory and days on market keeps building and buyers don’t step in soon we could start to see more pronounced price drops in the West Richmond detached market for sure.

This entry was posted on May 23rd, 2018 by Owen Bigland | Posted in Video Blog